CERTYNEX IFRS ACADEMY

Which statements about the initial application of an IFRS and its early application are correct?

Without specific transitional provisions, initial application of an IFRS is retrospective.

The specific transitional provisions of a new IFRS are applied first.

An entity may always choose to apply a new IFRS prospectively.

Early application of an IFRS is not a voluntary change in policy.

Early application of an IFRS is a voluntary change, to be justified as such.